Generation of Reports

Income Statement

The income statement summarizes the costs, expenses and revenue acquired over a particular period of time. This period of time will usually be a year or a fiscal quarter. This financial report provides information about the capability of the organization to make profit by minimizing costs and maximizing revenue.

The income statement is one of the important statements that are prepared during financial reporting. This report is also called ‘profit and loss statement’, statement of profit and loss’ or ‘income and expense statement’.

Income Statement by Month

Income statements by month are prepared to provide summarized information for the latest twelve month period. These statements are displayed for every month.

Balance Sheet

The balance sheet is the most vital financial statement. The balance sheet displays the organization’s net equity, assets and liabilities at a specific date.